Danish brewer Carlsberg said its annual organic operating profit grew by 6%, at the top end of its guidance range, and forecast further growth of between 1% and 5% for the current year.
Carlsberg, the world's third largest brewer behind Anheuser-Busch InBev and Heineken, reported full-year revenue just ahead of forecasts, although its volumes missed analysts' expectations.
The company, which makes brands including Kronenbourg 1664, Tuborg and Somersby cider, said it was pleased with its results given a 'challenging environment' in major markets that had impacted volume growth.
It flagged strong growth for its portfolio of expensive beers in markets including China - commentary likely to be welcomed by investors after an economic slowdown saw drinkers in Carlsberg's largest market ditch its pricier labels.
For the current year, it forecast a'relatively stable' consumer environment, but warned uncertainty around consumer sentiment remained in Asia and Europe.
Carlsberg reported a 2.8% increase in annual reported operating profit to DKK 11,411 million (€1.53 billion), falling short of analyst forecasts for DKK 11,472 million (€1.54 billion) in a company-compiled consensus.
'A Year Of Major Events'
CEO Jacob Aarup-Andersen stated, “2024 was a year of major events that will shape the future of Carlsberg. The launch and implementation of our refreshed strategy, Accelerate SAIL, with its well-defined growth levers, the acquisition of Britvic, the buyout of our partner in India and Nepal and the expanded partnership with PepsiCo in Kazakhstan and Kyrgyzstan were important milestones that will enable us to deliver long-term sustainable growth and value creation.
'Given the lack of visibility in earnings over the next 12-18months shared by its beverages peers in the reporting season thus far, we suspect that Carlsberg’s delivery will be taken well by the market,' Barclays said in a note.
'Despite this, we continue to be concerned about the company’s exposure to persistent Chinese beer volume weakness, although near-term data does look to be more positive.'
News by Reuters, additional reporting by ESM.
